Information exchange is a regular commercial practice which can increase transparency of price and other commercially sensitive information and, in some instances, generate efficiencies.

Information exchange is being increasingly targeted as an anti-competitive practice. At the same time, information exchange remains one of the most challenging areas for the application of competition law. Examples of relevant conduct include alleged price signalling, exchange of information and bid-rigging, unilateral disclosure of information about pricing intentions, indirect exchanges of information, information exchange through an intermediary, information exchange in initial public offerings and share placing or information exchange between merging parties.

This Practice Note considers the application by the European Commission (Commission) of Article 101 TFEU to agreements and concerted practices involving the exchange of information. For a consideration of information exchange from a UK competition perspective, see further, Information exchange under UK competition law.

On 1 June 2023, the Commission adopted new Guidelines on the applicability of Article 101 TFEU horizontal co-operation agreements (Horizontal Guidelines). These